Occidental Petroleum Corp. has restored employee pay cuts imposed after oil prices tumbled and doubled the salary cap for executives to $500,000 a year.
The move, announced in a July 31 regulatory filing, may make it harder for the energy explorer to repay its debts. Rank-and-file employees had their pay restored as of July 1, Occidental spokeswoman Melissa Schoeb said by phone.
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Occidental was hit particularly hard by the crash in oil prices because it followed so quickly on the Houston-based company’s $37 billion takeover of Anadarko Petroleum Corp. last year. But the pressure has eased somewhat with U.S. benchmark crude futures trading around $41 a barrel after turning negative in April.
Occidental shares fell 3.3% to $15.22 at 12:29 p.m. in New York trading, one of the day’s worst performers in the S&P 500 Energy Index.
Occidental has managed to raise $2 billion from selling bonds and is considering divesting assets in Africa and the Middle East worth about $4.5 billion to Indonesia’s PT Pertamina, people familiar with the matter said last month.
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Occidental restores employees’ pay, lifts executive salary cap - Houston Chronicle
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